Iran says $115/barrel oil is too cheap

Iranian President Mahmoud Ahmadinejad said that oil is priced too low at 115 dollars a barrel adding that the commodity “should find its real value”, the state-run broadcasting website reported Saturday, April 19.

“Oil at 115 dollars a barrel in today’s market is a deceiving figure, oil is a strategic commodity and should find its real value,” Ahmadinejad was quoted as saying.

On Friday, New York’s main oil, light sweet crude for delivery in May, surged 1.83 dollars higher to a record close of 116.69 dollars a barrel. It had earlier hit an intraday all-time peak of 117 dollars.

Iranian Oil Minister Gholam Hossein Nozari on Wednesday rejected calls from crude oil consuming countries for the OPEC cartel to act to lower oil prices that have reached record highs.